“Use It or Lose It” – IRS Modifies FSA Rules

On November 1, 2013 the Internal Revenue Service issued new guidance affecting Flexible Spending Accounts. How will this guidance affect South Carolina residents?

The new guidance allows up to $500 of unused FSA funds at the end of a plan year in a health FSA to be paid or reimbursed to plan participants for qualified medical expenses incurred during the following plan year, provided that the plan does not also incorporate the grace period rule. The new rule does not change the maximum annual contribution limit of $2500 to health FSA’s. In addition, the new guidance does not make the new carryover rules mandatory for employers.

Read more HERE….

IRS guidance HERE

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